Skip to main content

About your Search

English 19
Search Results 0 to 18 of about 19 (some duplicates have been removed)
the amount of money the u.s. treasury is allowed to borrow. the president wants the debt ceiling raised without debate. but be serious, this is washington. >> any future budget agreements must balance the need for thoughtful spending reductions, with revenue from the wealthiest among us and closing wasteful tax loopholes. >> joining me now to tell us where this is all headed, the senate's number two democrat dick durbin of illinois. good morning, and happy new year, senator. thanks for joining us. can you get a deal on the debt ceiling? can you raise that debt ceiling without agreeing to some spending cuts? >> well, i think we're going to need both. what the president has said is we need some balance here. from this point forward -- >> excuse me, but what the president said, he's not going to deal, he's not going to negotiate. he just wants you to raise it. is that going to happen? >> let me add one thing. i think in the course of the state of the union address, and the president has already said, we're going to be talking about further deficit reduction, but it has to be done in a bala
't get it done. senator cruz said there was no danger of default on the debt. we hit the debt ceiling, we can't borrow anymore. tax receipts continue to flow . they cover 60 percent of the federal spending. debt service is 6 or senpercent and there would be plenty of money to cover the debt service. what you will hear, john, in the weeks ahead we'll default on our obligation. that is not reference to the kind of default you would have if you didn't make payments. that means you can't pay for the federal spending and there would be major, major disruptions. but we need to be careful about the use of default. it is scare talk. i thought it would be a desirable outcome and the republicans want to try to extract real spending cuts as a price for raising the debt ceiling, they will have to be tough and they would be accused of shutting the government down in part. >> the president as we discussed, the president gets to decide what is shut down. >> one example would be suppose you can't finance 40 percent of the government spippeding. the president and treasury secretary decide what they shut i
of the warnings. >> we hit the debt ceiling we can't borrow any more. tax receipts continue to flow and cover about 60% of the federal spending. debt service is 6 or 7%. so there would be plenty of money as senator cruz pointed out to cover the debt service. what you will hear, john, in the weeks ahead is that we will be defaulting on our obligations. that is not reference to the kind of defaults you had on the federal debt. that means you couldn't pay for federal spending. we need to be careful about the use of the term default because it really is scare talk. not to say it would be a desirable outcome and if the republicans want to try to extract real spending cuts as a price for raising the debt ceiling they will have to be pretty tough about it because they will be accused of shutting the government down and might shut down in part. >> and the president as we were discussing in the preliminary conversation the president gets to decide what is shut down. >> one example would be suppose suddenly you can't finance 40% of government spending so the president and his treasury secretary decides
to be greeted over confrontations with the debt ceiling. the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he's taking a hard line on the issue. >> one ning i will not compromise over is whether or not congress should pay the tab for a bill they have already racked up. if congress refuses to kbif the united states its ability to pay its bill on top, the consequences could be catastrophic. last time congress threatened this course of action, our economy suffered for it. our families and our businesses can not afford that dangerous game again. >> on the first day of the new congress, lawmakers introduced nearly a dozen bills related to gun violence. they come in the wake of the connecticut school shooting and promises from president obama to take concrete action to avoid another tragedy. >> reporter: as students at sandy hook elementary return to class, former congresswoman gabrielle giffords, nearly killed in a mass shooting two years ago visited newtown, connecticut. and on capitol hill, lawmakers arrived to begin a new session of cong
're not going to raise that debt ceiling and allow the u.s. to borrow unless we get one for one. a dollar in the raised debt ceiling and a dollar in spending cuts, so i'm not sure where this is going. some republicans say, hey, we're going -- this is where we're going to get our spending cuts because they don't think they got any in the fiscal cliff plan that was just passed and this is where they want to make that stand. will all of them make it because it will need all republicans, particularly in the senate, to stick with that. so we'll see. it's another one of those, you know, games of chicken again. >> kind of getting tired of those, aren't you? >> me, too. need a new analogy. >> candy, thank you very much. >> thanks. >> kee it here for "state of the union" that starts in nine minutes. 9:00 a.m. eastern time right here on cnn. >>> well, this is one of our favorite stories this morning. take a look here. this black and white kitty was caught sneaking into a brazilian prison were saws, drills, batteries and a cell phone taped to its body. security guards no doubt did a double take when
months, as the government reaches its debt ceiling and can't borrow any more money. president obama wants to lift that ceiling. the republicans don't. and it appears we're heading for another "thelma and louise" ride to the edge. remember -- they went over. we'll discuss that possibility next week with paul krugman, the nobel laureate in economics and "new york times" columnist whose bestselling book, "end this depression now!" calls for full employment as an alternative to austerity. read it, then send us the question you would like me to put to paul krugman. meanwhile, another reality beckons and there's a menace more threatening than the fiscal cliff ever was. what should really be scaring the daylights out of us -- the crisis which could make all the others irrelevant -- is global warming. get this one wrong and it's over -- not just for the usa, but for planet earth. that's the message delivered by hurricane sandy, and by almost all the extreme weather of the past two years. and here in the first month of the new year, it's the message from the most informed scientists in the world.
. >> it's important to talk about what the debt ceiling really is. the debt ceiling is not the future. it's the past. it's allowing us to borrow money to pay for money we already borrowed. it's as if we spend money on our credit card and say at the end of the month i'm not going to pay it, and it wrecks your credit. it's not about future opportunity to borrow. it's spending already incurred. and if you look back at 2011, you can see the job numbers, the dip in the summer of 2011, when we went through that hostage taking. >> this is a matter of politics, carly, the reality is you have the business community, the white house will try to line up in a way that they haven't before, to say, uh-uh, don't mess with this. john engler saying, don't play around with the debt ceiling. you saw what happened last time. that would give the president a bit more strength, could it not here? >> i agree. and i also agree that it is not wise to fool around with the debt ceiling. if the debt ceiling is increased, and there is no progress on solving these fundamental problems that erskine and bowles spoke of,
for by issuing bonds. the debt ceiling law was given the u.s. treasury the flexibility to borrow money. it had nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money. it has to pay the bills. republicans seem to think that the debt sealing is a good tool to limit how much the government spends, the current debt ceiling was hit on december 31st, but like last time, the u.s. treasury is using extraordinary measures to ghet get it through and sometime late february, early march, they might. if congress doesn't act by then, the government risks not being able to pay some bills. if that's not enough. by march 1st, we could be heading off the sequester cliff. that's because the fiscal cliff deal that passed last week put off what to do with government spending for two months. blanket cuts are still mandated by law to take effect unless both parties can agree to more targeted cuts. now republicans will target entitlement. democrats will stand in their way, the gop
. >> why not? that is a brilliant idea to inflate the currency. the idea is to avoid the debt ceiling fight so if you use that as the basis to borrow the new to say you are solvent. anybody with the iq above broccoli should understand if you minted a clean that is utterly worthless other than you say so and that is the bas to borrow money, the only people crazier are those who let america barr wrote off the point*. gerri: people will stop believing your pmises. not only the american people what to give them down the road. >> the government cannot just keep giving things i wish we would replay this speech by president kennedy. he is a democrat but he clearly said as part of the vision ask not what to your country can do for you but what you can do for your country. we need to raise americans to believe their responsibility is what they can do for their country. not sit and see what can my country do for me? gerri: governo cut to me it is a pleasure. you can hear much more by tuning in to his show weekend's 8:00 p.m. eastern on fox news. more on the jobs report coming up. the new congress pas
antagonism on both sides right now with tough talk as we go forward. remember this debt ceiling. we hit that. our nation's borrowing limit, money already owed and already been spent just a couple of months from now, so this is going to be a top priority in a very near future as we go ahead right now. as you heard from mitch mcconnell, he said that presidential leadership is desperately needed. he said specifically that the last-minute deals are not the way that the government should be run right now. the question is what the president and what the administration is willing to concede on. the republicans again in the house and senate are calling for entitlement reform. they want the medicare age to be raised. they want means testing, as we heard, again today, and it's important to note on "meet the press" when mitch mcconnell was speaking to our colleague david gregory he declined to answer whether he would rule out a government shutdown as a way of effectively enforcing that need for spending cuts. craig? >> in addition to all the fiscal stuff that the president will be dealing with over the
on to them. so in about two months, round two begins and we will be asked to raise the debt ceiling. trust me, i don't want to default on our obligations, but in august of 2011, we borrowed $2.1 trillion because we ran out of money and 42 cents of every dollar we spend is borrowed money. if you don't keep borrowing, you will have to cut the government by 42%. nobody suggests that that's a good idea overnight. but here's what i won't do. i won't continue borrowing money unless we address in the process what got us into debt to begin with. so when we have to raise the debt ceiling again, i'm going to make a simple request. let's come up with a plan bipartisan in nature to save social security and medicare from bankruptcy because they are going to run out of money and become insolvent in the next 20 years, and let's also create a spending reduction plan that will allow us not to become greece. if you want to raise more revenue by capping deductions, you can count me in because we'll need some more revenue. but in 17 months, ladies and gentlemen, we spent 2.1 trillion. we're burning through money
for another fiscal show down over the borrowing limit. democrats say congress must raise the debt ceiling to pay the bills. republicans insist any debt hike should be accompanied by spending cuts. >> my idea is to have a comprehensive view. we talk about tax simplification and fairness as something we should be engaged in long before the fights came along. now we have a chance to do that with a heightened awareness bit public on why we need to do certain things. let's put on the table what it is we can in order to increase revenue. >> it underscores the appetite for more taxes on the other side. we resolved the tax issue a few days ago. everyone taxes are going up because that is how the law was written. a few days ago 35 percent of -- 95 percent of senate republicans voted for tax release for the american taxpayers and not a single republican senator voted to raise anyone's taxes. >> molly is covering this live from washington, dc. what is the latest? >> rather than private negotiations president obama is drawing public lines in the sand over fiscal fights ahead trying to win over americ
that many of us see this vote being, to the debt ceiling fight that's still ahead. >> yeah. >> will that result in the house saying, look, we aren't going to continue to just let you borrow money if uv no intention of stopping the runaway spending? >> i'm just going from my freshman year to sophomore year. i've been there two years. a lot of us thought from barack obama would be may have like bill clinton. once he lost big in the first off election year, 2010, he would come to the center. he didn't do that. and so now you see our house conference. i was just there yesterday. they are more focused than ever to engage in this fight, whether it's going to be during the debt limit debate that will come in two months or we have a c. o. debate, which the government is only funded through the end of march this year. so to fund the government for the rest of the year we will have another opportunity for a spending fight. but you have people that are now ready to engage in a way like never before to make sure we reform spending and save the country. >> we mentioned one of the things
the treasury, additional amount had to be done. we had to keep, just like the debt ceiling, we have to keep the full faith and credit of the u.s. government and we have to make sure we pay our bills and people bought flood insurance policies and paid their premiums, we need to pay those off. >> diane, i want to talk about flood insurance in a second so hold what thought. >> we'll go back to what happened with speaker boehner. i think what we saw on display that day was the worst kind of politics and the kind of thing that really turns people off to government in general and particularly to the congress right now. john boehner was not so much concerned about the vote on the sandy relief package but he was concerned about the vote on his leadership and he was more interested in being leader than they was in leading on an issue affecting thousands of people that i represent and congressman jeffries does and fran. in this whole discussion it's not whether the bill has pork and what pork actually means, one man's pork is another man's necessity. what was really distressing is there seems to be t
deal. now we are preparing for the debt ceiling. do you expect the same contentiousness and loggerheads? >> i think it will be contentious. it should be. we continue to borrow and spend. we don't cut. we are headed down the road to financial destruction, as everybody knows. we do need to pay our debts, but we don't need to keep incurring that debt. that's the argument we should make. we have to come to financial sanity and we are not there yet. i believe at theep of the day, if the president will get involved -- if he will get involved, we could do some good things, but we have to cut spending, we have some type of a grand bargain? i don't know. but we are in better shape than we were on the tax stuff. >> you said you would like to see the president get involved. let's listen to your boss talk about that? >> the single biggest threat to america's future and that's our excessive spending. i would like for the president to lead. it is a shame that we have to drag him to the table. >> and also, the president recently remarked that he does not want to get into a fight over the debt ceiling.
Search Results 0 to 18 of about 19 (some duplicates have been removed)